Finding repossessed properties

besonders1

The buying process for repossessions is different from the average sale from an individual. How can Estate agents not tell the buyer that its a repo when they may have to have their offer advertised in the paper or face being outbid up to exchange? Plus the house can't usually be taken off the market when an offer is made.

mumoftwoandapig

The estate agents technically are not allowed to say if a home has been repossessed though

:cool: Not true- the legal notice goes in paper stating they are acting on behalf of bank/ building society and the alongside the highest price they have been offered. My local estate agent was open about it being a repossession. They have to say as the process is different and completion has to be within a set timescale.

m_13

I think they are often cagey about it being an repossession because they think telling people will make them offer low and I also think they aren't crystal clear about the process.

There seem to be a few people on this forum who have offered on a repossession only to be shocked when the price is reduced to their offer on the EA's website and a 7 day notice appears in the newspaper.

Having just exchanged today on a repossession (at last) I know that we've been lucky to buy on auction terms so we offered, had it accepted (and then were outbid and then they withdrew and our offer reaccepted) and then had to exchange by a certain date to get it at the price we offered.

Thanks for the PM Robbo3920, now our exchange is finally done I'll be replying to you this afternoon.

princessamy86

The EA is allowed to tell you it's a repo, we always do at work as it helps everyone to be as prepared as they can be to complete quickly. If you want to buy a repo, I would recommend putting a best and final offer in, that way you won't get pushed past what you're willing to pay and you don't have to mess about with offering £500 over someone else's offer over and over again.

A lot of the time the procedure seems very long winded with nothing to protect you, but it's generally not the agent's fault as the repo companies all have their own procedure to follow. If you're buying with a mortgage see if your mortgage advisor can get you buyer's protection insurance for free or a v low charge, it's worth it as it covers your survey so you've not shelled out money you will never get back. Make sure your solicitor is no sale no fee as well, so they don't charge you if it falls through, as the 7 day notice is just an invitation to gazump you and it's better for you to incur as little cost as you can until it's all signed, sealed and exchanged.
Good Luck!

Home_Swap_Advice

A good place to look for a repo is mustbesold.com. They deal with lots of repossesisons.

Agents are not supposed to inform prospective purchasers that the property is repossession but the tell tale signs are usually that fixtures and fittings have been taken and the water / heating systems have been drained down and are taped off.